India’s largest money lender, State Bank of India (SBI) offers number of options for online money transfer through its internet banking portal, onlineSBI.com. One such facility is the Instant Money Transfer (IMT service), that enables users to do instant transfers of funds to any person in an electronic manner. SBI debit card holder can transfer the money by providing details such as mobile number, name and address of the recipient, according to the SBI internet banking website. One can do a transfer of a minimum Rs 100 and in its multiples up to Rs 10,000 per transaction.
Here’s all you need to know about SBI’ Instant Money Transfer (IMT):
1. Details required to use SBI Instant Money Transfer service:
To use the IMT service of SBI, the remitter or the sender needs to add the the beneficiary mobile number, name and address. Also by registering the beneficiary, oe can send funds without entering the name and address details for making recurring payments.
2. Withdraw money from SBI ATMs using the IMT service:
The India Instant Money Transfer service is available at a limited number of SBI ATMs. Here are few steps to do IMT using ATM:
a) Select bottom right option on the idle ATM screen against the Instant Money Transfer logo) Enter the beneficiary’s mobile number) Now after that enter the sender code on screen) After that enter the SMS code received on mobile) Enter the full amount) Select the YES on the confirmation display Take the amount (cash)
3. SBI IMT transaction limit:
As per the State Bank of India website, funds can only be sent in the multiples of Rs 100 using the IMT, up to Rs 10,000 per transaction (monthly cap of Rs 25,000 per beneficiary). The maximum transaction amount of Rs 50,000 per sender in one month and maximum 10 beneficiaries per sender are allowed to make in IMT.
4. SBI IMT charges:
There is a charge of Rs 25 per transaction at source for remitting money using the IMT service. While there are no charges applicable at the beneficiary end as per SBI website.
5. Cancellation of IMT transaction:
Once initiated, the IMT transaction cannot be cancelled and the beneficiary has to withdraw the whole amount in a single transaction within 48 hrs. If in any case, the beneficiary does not withdraw the amount from eligible State Bank of India group ATMs, the money is automatically refunded back to the sender’s account. While the charges will not be refunded by the bank.